A certain whale’s ETH long position hasn’t had time to realize profits yet, but over on HYPE, they instantly lost $278,000—this operation is truly a bit awkward.

Eight hours ago, he ruthlessly cut his HYPE position by 50,000 tokens to stop the loss. Now, he’s still holding an ETH 25x leveraged long position worth $37.04 million. The position size is 11,700 ETH, with an average entry price of $3,050.81, and there’s an unrealized profit of $1.346 million on the books.

Previously, his account on the Hyperliquid platform managed to grow from $500,000 to $3.34 million, but now it’s shrunk back to $2.65 million. This is the charm of high-leverage contracts—soaring or crashing in an instant. Holding both ETH and HYPE at the same time, making money on one while losing on the other, whether he can ultimately keep his profits depends on how the market moves next.